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May 3, 2018 | GBP/USD Daily: 1st Leg of Correction Complete?
Jack Crooks
Jack has over 20 years experience in the currency, equity, and futures arena. He is an investment advisor who has held key positions in brokerage, money management, trading, and research. Jack is founder and president of Black Swan Capital LLC. He was also founder of Ross International Asset Management (specializing in global stock, bond, and currency asset management for retail clients) and General Manager of Plexus Trading (specializing in currency futures and commodities trading).
The decline from 1.4375 high to the 1.3532 low appears to be a three-wave affair labeled A-B-C. Note that Wave C is almost exactly the length of Wave A so far; evidence a bottom may be in on the first leg of this correction lower; i.e. Wave (A) and setting up for a rally in Wave (B) with scope to 1.4053 or 61.8% retracement. Aggressive players may wish to nibble on the long side here with a stop below the low at 1.3532.
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Jack Crooks May 3rd, 2018
Posted In: Black Swan Currency Currents